Select Water buys Pilot Water for $600M cash + $100M stock, plus $15M earnout

Select Water Solutions, Inc.

• Acquires Pilot Water Solutions, private Delaware Basin water midstream, for $700M cash/stock plus $15M contingent earnout.
• Pilot Water 2026E Adjusted EBITDA $100–110M, growing to $120–130M in 2027; targets $10–15M cost synergies.
• Adds 2.7M bbl/day permitted disposal, 0.9M undeveloped, 700+ miles pipeline; combined MVCs >600k bbl/day.
• Expected close Q4 2026 subject to HSR and regulatory approvals; pro forma net leverage <2.0x at closing.
• Separately sold 55% of Peak Rentals for $41.5M cash + $35.3M seller note; retains 45% interest.